Myanmar attracted foreign direct investment of more than US$672.59 million between 1 October and 31 January in the 2020-2021 budget year, including an expansion of capital by existing enterprises and investments in the Thilawa Special Economic Zone, according to the Directorate of Investment and Company Administration (DICA).
MIC intends to reach an FDI target of $5.8 billion for the current FY2020-2021. The Ministry of Investment and Foreign Economic Relations has been inviting responsible businesses to benefit the country.
Myanmar Investment Commission (MIC) ensures to approve the responsible businesses by assessing environmental and social impacts. The commission is working together with the relevant departments to screen the projects.
Singapore is the top source of foreign direct investments into Myanmar in the first four months of the current FY, DICA’s statistics indicated.
China stood as the second-largest investors this FY with an estimated capital of $139.354 million from 10 enterprises, followed by Hong Kong SAR investing $87 million in Myanmar.
Those enterprises listed from Thailand, India, Japan, Malaysia, Republic of Korea, UK, Viet Nam, Marshall Island and China (Taipei) also made investments this year.
Of 38 foreign enterprises permitted and endorsed by MIC and the respective investment committees between 1 October and 31 January of the current financial year, 20 enterprises pumped FDI into the manufacturing sector.
The power sector received six projects, and the livestock and fisheries sector attracted five projects. Other service sector drew four projects while the agriculture sector pulled two projects, and one foreign enterprise entered the hotel and tourism sector.
The FDIs stood at $6.9 million from 158 enterprises in the FY2016-2017, $6.119 billion from 234 businesses in the FY2017-2018, $1.94 billion from 89 projects in the 2018 mini-budget year, $4.5 billion from 298 enterprises in the FY2018-2019 and $5.689 billion from 253 businesses in the FY2019-2020, respectively, the DICA’s data indicated.
Those enterprises have created over 96,000 jobs in the FY2016-2017, 110,000 jobs in the FY2017-2018, over 53,000 jobs in the 2018 mini-budget period, over 180,000 jobs in the FY2018-2019 and 210,000 jobs in the FY2019-2020, respectively.—MM/GNLM